PITTSBURGH — With a court-approved sale already in place, downtown-based GNC Holdings. Inc. was awarded approval of its Chapter 11 bankruptcy plan by Judge Karen B. Owens of the United States Bankruptcy Court in the District of Delaware.
The approval comes with the company’s largest shareholder, China-based Harbin Pharmaceutical Group, set to buy the nutritional supplements retailer for $770 million in a transaction proscribed by the company in its initial Chapter 11 filing in late June.
In a decision ordered last week, the plan approval settles what had been a large number of objections largely by landlords representing hundreds of GNC stores, with court documents indicating all the liens filed against the nutritional supplements retailer to be released and settled.
Read more from our news partners at the Pittsburgh Business Times.
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